April 27, 2015

GE may move swiftly to sell sponsor finance unit

U.S.--SunTrust, Apollo Global Management, and Ares Management are weighing offers for a General Electric unit that lends to private-equity firms, says Bloomberg.

Concern over possible staff defections at the so-called sponsor-finance unit are causing GE to move swiftly on the sale, with first-round bids due in mid-May, said people familiar with the situation. Representatives for GE, Apollo, Ares, SunTrust, Citigroup and Bank of America declined to comment.